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Quotation of the Day…

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… is from pages 169-170 of former UVA law-school dean Paul Mahoney’s 2015 book, Wasting a Crisis [2]; it’s the concluding two paragraphs of this volume:

unknown-2A much older view, associated with Thomas Jefferson, holds that private finance will be smaller and less powerful only if the government is smaller and less powerful. ¬†Government inevitably becomes the partner and enabler of major financial institutions. ¬†Government’s attempts at oversight serve primarily to facilitate rent-seeking, which offers greater profit without greater productivity.

Whatever else one might say about the history of securities regulation in the United States, it should cause us to give Jefferson’s opinion a renewed and serious hearing.

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